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US president betting on wage growth, while GOP warns of torrent of inflation
Updated 23 May 2021
May 23, 2021 01:47
WASHINGTON: US factory activity gathered speed in early May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor, boosting costs for both businesses and consumers.
Though other data on Friday showed sales of previously owned homes dropping to a 10-month low in April as an acute shortage of houses drove prices to a record high, they remained well above their pre-pandemic level. The housing market and manufacturing have led the economy’s recovery from the COVID-19 recession, which started in February 2020.
BEIJING: Twenty people were killed and one remains missing after hail, freezing rain and high winds hit runners taking part in a 100-kilometer cross-country mountain race in China, local officials said Sunday. “Abrupt, extreme weather” hit a high-altitude section of the race held in the Yellow River Stone Forest near Baiyin city in northwestern Gansu province around 1 p.m.
Updated 4 min 49 sec ago
May 23, 2021 12:21
RIYADH: Saudi Cable Co. said first-quarter losses narrowed as its auditor revealed a claim from extra zakat liabilities of almost SR200 million ($53 million).
The provider of energy and telecoms cables posted a net loss of SR35.9 million for the first three months of the 2021, down from SR43.2 million a year earlier and SR46.6 million in the previous quarter, it said in a Tadawul filing.
Revenue increased 7.2 percent year on year to SR63.9 million, but was down 10.6 percent from the fourth quarter of 2020.
The General Authority for Zakat and Tax (GAZT) has made a claim of SR199.8 million for additional zakat from previous years, which Saudi Cable is disputing and has not included any provision for in its financial results, its auditor said in the filing.
Huawei, a global provider of information and communications technology (ICT) infrastructure and smart devices, recently held its virtual Saudi Core Partner Convention 2021. Under the theme of “Safety and Quality First, Digitalization Leads Innovation, and Collaborate to Win-Win,” the conference brought together Huawei’s key partners in the Kingdom. The convention mainly focused on the importance of partnerships and open collaborations as they play a key role in creating a win-win situation for all parties.
At the event, Huawei reiterated its commitment to strengthening cooperation and increasing investment in developing the ICT ecosystem in Saudi Arabia. The company also held discussions on promoting communication and collaboration with its partners, and highlighted the need to build a healthy ICT industry in Saudi Arabia that is secure, reliable and competitive.